Binance and FTX back Terra 2.0

Crypto.com, Huobi, Bitfinex, Bybit, Gate.io, Bitrue, FTX and Binance have all pledged to support the modified version of the recently fallen Terra blockchain.

Following the publication of a proposal to launch Terra 2.0, the relaunch is expected to go live today (May 27), according to an announcement from Terraform Labs.

FTX said it would support the “new LUNA airdrop and suspend LUNA and UST markets”, while Binance added it was “working closely with the Terra team on the recovery plan”.

The announcement follows the publication of Proposal 1623, initiated by the Terra community and forwarded by Terraform Labs CEO Do Kwon.

Attempts have been made to build back the LUNA ecosystem that saw a hefty crash earlier this month after its algorithmic stablecoin UST depegged from the US dollar.

The relaunched Terra ecosystem will not include the UST stablecoin, and according to the proposal, Terraform Labs will deploy a new blockchain called Terra 2.0, with the older collapsed blockchain continuing to exist as Terra Classic.

Existing token holders of the old Terra Classic will be airdropped with newly minted LUNA tokens.

Crypto.com, Bybit and Kucoin have also made their support for Terra 2.0 apparent. They confirmed that any holders with LUNA in exchange wallets would also be involved in the airdrop.

Do Kwon took to Twitter to say that he had not contacted any exchanges in regard to listing the new LUNA tokens. The LUNA token is currently down more than 9% over the past day and according to CoinMarketCap is trading at $0.0001549.

If you want to stay safe, make sure you bet with trusted cryptocurrencies, such as Bitcasino, 1xBit or FortuneJack.

Source

Updated: 05/27/2022 — 15:00